Range: Looking at the daily gold chart, we see a range developing roughly between resistance at 1620 and support at 1555. The market has been trading sideways for about a month and a half since finding the 1555 support after a 5-month long decline in a within a falling channel. Price action; momentum: Besides the fact that the prevailing trend was bearish, a comparison of bullish daily candles and bearish ones show that bears are in control. Although the 200-SMA is still flat, lower period moving averages are in bearish alignment. Finally the RSI has tagged 30, and held under 60. Now it is falling below 40, ... (full story)